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WTI jumps more than 5% amid intensifying US-Iran supply fears
The rally lifts WTI to about $90.50 per barrel, its highest since June 11, after attacks on Saudi tankers near the Bab el-Mandeb Strait added fresh geopolitical risk.
West Texas Intermediate crude rose more than 5% on Thursday as heightened US-Iran hostilities boosted concerns about disruptions to Middle East oil supply. WTI was trading around $90.50 per barrel, its highest level since June 11, and is up about 30% for the month as the conflict has flared again.
FXStreet said the latest momentum followed a claim from Yemen’s Ansar Allah that it attacked two Saudi oil tankers near the Bab el-Mandeb Strait on Wednesday. Tehran also maintains that the Strait of Hormuz is under its sovereignty, with Iran’s Revolutionary Guard Corps saying the passage is “completely closed” while US military operations continue.
Analysts at MUFG flagged a key market question, whether the conflict moves from renewed escalation to a broader global energy shock. The bank noted that President Donald Trump has threatened to target Iranian bridges and power infrastructure if vessels are attacked near the Strait of Hormuz, while Iran has warned it would retaliate against energy infrastructure across the Gulf region.
On the charts, FXStreet reported WTI holds above the 21-day, 50-day, and 100-day simple moving averages, with resistance around $95.00 and a higher cap near $105. The RSI reading at 71 suggests the move is in overbought territory, and near-term support is cited around the 100-day SMA close to $88.20.
Latest closeWTI crude $87.52 ▲3.1%